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JULIA STANNARD reports on recent legislative and regulatory news and
developments affecting the superannuation industry.
Budget
repercussions
rules and regs
2016/17 BUDGET: A MORE SUSTAINABLE AND FLEXIBLE SUPERANNUATION SYSTEM
The government’s 2016/17 Budget proposes a broad package of reforms which will, in the
government’s view, improve the sustainability, integrity and flexibility of the superannuation
system.
The following is a brief summary of the key measures—for more detail, see ASFA’s Budget
Night ASFA Action.
1. $1.6 million superannuation transfer balance cap
From 1 July 2017, there will be a $1.6 million (indexed) cap on the total accumulated
superannuation an individual can transfer into the tax-free retirement (income stream) phase.
Any accumulated amount in excess of $1.6 million will be able to be maintained in an
accumulation account, with earnings taxed at 15 per cent. Members already in the retirement
phase, with balances above $1.6 million, will need to reduce their retirement balance to $1.6
million by 1 July 2017 by withdrawing the excess or transferring it back into an accumulation
Superfunds June 2016